AAIZX vs. AIO

Last updated Jun 5, 2026

AAIZX (Alger AI Enablers & Adopters Z) and AIO (Virtus Artificial Intelligence & Technology Opportunities Fund) are both Technology Equities funds. Over the past year, AAIZX returned 61.88% vs 27.51% for AIO. A 0.66 correlation means they provide meaningful diversification when combined. AAIZX charges 0.55%/yr vs 1.41%/yr for AIO.

Performance

AAIZX vs. AIO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger AI Enablers & Adopters Z (AAIZX) and Virtus Artificial Intelligence & Technology Opportunities Fund (AIO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAIZX achieves a 26.36% return, which is significantly lower than AIO's 29.97% return.

AAIZX

• 1D: -1.31%
• 1M: 11.39%
• YTD: 26.36%
• 6M: 25.19%
• 1Y: 61.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIO

• 1D: -0.22%
• 1M: 8.90%
• YTD: 29.97%
• 6M: 28.45%
• 1Y: 27.51%
• 3Y*: 29.34%
• 5Y*: 13.15%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAIZX vs. AIO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAIZX Alger AI Enablers & Adopters Z	26.36%	41.00%	33.76%
AIO Virtus Artificial Intelligence & Technology Opportunities Fund	29.97%	0.48%	30.76%

Correlation

The correlation between AAIZX and AIO is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Apr 9, 2024	0.66

The correlation between AAIZX and AIO has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

Return for Risk

AAIZX vs. AIO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAIZX

AAIZX Risk / Return Rank: 72
AAIZX Sharpe Ratio Rank: 87
AAIZX Sortino Ratio Rank: 69
AAIZX Omega Ratio Rank: 65
AAIZX Calmar Ratio Rank: 81
AAIZX Martin Ratio Rank: 56

AIO

AIO Risk / Return Rank: 31
AIO Sharpe Ratio Rank: 29
AIO Sortino Ratio Rank: 29
AIO Omega Ratio Rank: 26
AIO Calmar Ratio Rank: 41
AIO Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAIZX vs. AIO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger AI Enablers & Adopters Z (AAIZX) and Virtus Artificial Intelligence & Technology Opportunities Fund (AIO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AAIZX	AIO	Difference
Sharpe ratio: Return per unit of total volatility	2.86	1.55	+1.31
Sortino ratio: Return per unit of downside risk	3.46	2.26	+1.20
Omega ratio: Gain probability vs. loss probability	1.45	1.27	+0.18
Calmar ratio: Return relative to maximum drawdown	3.66	2.42	+1.24
Martin ratio: Return relative to average drawdown	11.13	7.18	+3.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAIZX vs. AIO - Sharpe Ratio Comparison

The current AAIZX Sharpe Ratio is 2.86, which is higher than the AIO Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of AAIZX and AIO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAIZX	AIO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	1.55	+1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.84	0.66	+1.18

Drawdowns

AAIZX vs. AIO - Drawdown Comparison

The maximum AAIZX drawdown since its inception was -29.00%, smaller than the maximum AIO drawdown of -44.88%. Use the drawdown chart below to compare losses from any high point for AAIZX and AIO.

Drawdown Indicators

	AAIZX	AIO	Difference
Max Drawdown Largest peak-to-trough decline	-29.00%	-44.88%	+15.88%
Max Drawdown (1Y) Largest decline over 1 year	-17.47%	-11.42%	-6.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.39%	—
Current Drawdown Current decline from peak	-1.31%	-0.22%	-1.09%
Average Drawdown Average peak-to-trough decline	-4.99%	-10.95%	+5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.73%	3.84%	+1.89%

Volatility

AAIZX vs. AIO - Volatility Comparison

Alger AI Enablers & Adopters Z (AAIZX) and Virtus Artificial Intelligence & Technology Opportunities Fund (AIO) have volatilities of 5.56% and 5.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAIZX	AIO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	5.53%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	16.82%	13.37%	+3.45%
Volatility (1Y) Calculated over the trailing 1-year period	22.35%	17.83%	+4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.44%	22.03%	+5.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.44%	26.87%	+0.57%

AAIZX vs. AIO - Expense Ratio Comparison

AAIZX has a 0.55% expense ratio, which is lower than AIO's 1.41% expense ratio.

Dividends

AAIZX vs. AIO - Dividend Comparison

AAIZX's dividend yield for the trailing twelve months is around 5.00%, less than AIO's 10.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AAIZX Alger AI Enablers & Adopters Z	5.00%	6.31%	4.44%	0.00%	0.00%	0.00%	0.00%	0.00%
AIO Virtus Artificial Intelligence & Technology Opportunities Fund	10.93%	13.75%	7.30%	10.34%	11.12%	19.97%	9.31%	0.54%

Frequently Asked Questions

Can I hold both AAIZX and AIO in my portfolio?

AAIZX and AIO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAIZX or AIO?

AAIZX has higher volatility (5.56%) compared to AIO (5.53%). In terms of maximum drawdown, AAIZX dropped -29.00% vs AIO's -44.88%.

Which has better risk-adjusted returns?

AAIZX currently has the higher Sharpe Ratio (2.86 vs 1.55), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.